Written by Lisa Davis, Property Review Weekly
A new Woolworths supermarket has hit the market and has already attracted more than 120 enquiries, according to selling agent Graeme Watson of Burgess Rawson.
Located on the south coast of New South Wales approximately an hour from Merimbula Airport, the store is found at 1-9 Young Street in Bermagui, a coastal town that Watson says is popular both with summer holiday-makers and deep-sea game fishers.
The store opened last April and offers prospective buyers a 20-year lease with extensions through to 2075. A large corner site with three street frontages, the supermarket enjoys a good position in the town centre adjoining the main retail strip. Based on the estimated net income of $525,217 per annum, the agents predict the property will sell for a price in the order of $8.5 million, reflecting a yield of around 6.25 per cent. It’s due to go under the hammer as part of the agency’s Investment Portfolio Auction on Tuesday 19 May from 2pm, in Sydney.